Daily Commentary

Good Morning all!
EUR/USD- We continue to see a drop of the pair from yesterday, today has brought with it some negative French consumer spending data down from 0.6% to 0.3%. We also saw bad German data, with the unemployment change at 24k from a previous -25k, a big change. With no levels between the current price and 1.355 I can imagine it will continue to push down to that level.

Cable seems to be following Euro-dollar on the downside, as I covered yesterday this is on the back of UKIP trying to leave the Eurozone. No big data out today but yesterday we heard Mark Carney (BOE Governor) talk and maintains the interest rates at 0.5 and the asset purchase programme at £375 Billion.

Aussie is stuck in a range between 0.927 and 0.921, but good construction work done data wasn’t good enough to break it out of the range, with the results at 0.3%, an expected -0.2% and a previous -1.1%, this data was positive but no drastic moves occurred.

EUR/CHF continuing to surge on the upside on the back off good Swiss data, the GDP (YoY) was up by 0.3% at 2.0% from a previous 1.7% yet the (QoQ) was expected at 0.6% but came out with 0.5%, not terrible but still up from a previous 0.2%.

We have seen a huge drop in the price of gold, from the 1293 mark all the way down to 1262, most likely on the back of good US data yesterday concerning consumer confidence. Another weight on gold would be the trouble in Ukraine beginning to ease as Poroshenko has now stepped in as president.

Thanks and good luck trading!